Keywords: contingent valuation, coral reef, travel cost, willingness to pay, Thailand
Economic valuation of coral reefs at Phi Phi Islands, Thailand
This paper provides an economic valuation of the coral reefs at Phi Phi Islands, Thailand. It used both the travel cost method and contingent valuation method to estimate the benefits of tourism on Phi Phi's coral reefs. The study found that the reefs studied could generate large economic returns through leisure pursuits and that tourists were willing to pay for conservation measures. It suggests a number of levies and charges that could help remove tourist pressure from the reefs and help pay for their conservation.